Cross-Border Legal and Financial Professionals Meet in New York to Discuss the Rise in Brazilian Multinational Insolvency Proceedings

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"Spotlight on Brazil: Recuperação Judicial vs. US Chapter 11," co-organized by Deloitte and Lex Mundi

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We see a great need for educating US practitioners on Recuperação Judicial, as an unprecedented number of Brazilian multinationals file for protection.

Legal and financial professionals from the world’s largest multinational law firms, banks, hedge and private equity funds gathered in New York to discuss corporate insolvency and restructuring strategies with foremost experts in the Brazilian Recuperação Judicial system from Deloitte Touche Tohmatsu Limited (Deloitte) and from the Lex Mundi Insolvency, Bankruptcy and Restructuring Group.

The program, Spotlight on Brazil: Recuperação Judicial vs. US Chapter 11, was co-organized by Deloitte and Lex Mundi and addressed the recent rise in multinational Brazilian insolvency proceedings, and offered strategies for navigating the complex and challenging Brazilian Recuperação Judicial process.

Senior legal and finance executives from BNP Paribas, Barclays, The Bank of New York Mellon and other industry giants engaged in interactive panels and workshops that detailed the various aspects of Recuperação Judicial, including the role of the financial advisor, judicial administrator, banks, bondholders and debtors, the process of selling assets and business units, debtor in possession financing, limited court authority, and voting for a judicial reorganization plan.

“US legal and banking professionals familiar with Chapter 11 face uncertainty and often ‘learn the hard way’ when thrown into the world of Brazilian bankruptcy and corporate restructuring. We see a great need for educating US practitioners on Recuperação Judicial, as an unprecedented number of Brazilian multinationals file for protection,” commented Sheila T. Smith, national co-leader for Deloitte Transactions and Business Analytics LLP’s Corporate Restructuring Group.

Antonio Aires, head of Corporate Reorganization and Restructuring at Demarest Advogados, Lex Mundi member firm for Brazil, noted “the Recuperação Judicial is vastly different from US Chapter 11 in its overall philosophy, and few professionals appreciate or understand the critical cultural and technical nuances of how a deal is reached under the Brazilian system.”

Program panelists included:

  • Antonio Aires, Partner with Demarest Advogados, Lex Mundi member firm, Brazil
  • Brett Miller, Partner with Morrison & Foerster, Lex Mundi member firm, USA California
  • Sheila T. Smith, U.S. Corporate Restructuring Services Group Co-Leader, Deloitte Transactions and Business Analytics LLP and leader of restructuring services for the Americas Region
  • Luis Vasco Elias, Partner, Deloitte Touche Tohmatsu Consultores Ltda, Brazil
  • Thomas Benes Felsberg, Partner of Felsberg e Associados.

About Deloitte
The Deloitte Corporate Restructuring Group (Deloitte CRG) is a nationally recognized team of professionals specializing in providing in-depth advisory and interim management services to companies and their stakeholders. With strong experience in nearly every major industry and with the ability to leverage the national and international resources of Deloitte, we are able to serve the complex needs of our clients – whether in the middle-market or with large multinational firms. For more information on how CRG can team with you on advisory and interim management services contact us directly at: DeloitteCRG(at)deloitte(dot)com.

About Lex Mundi
Lex Mundi is the world’s leading network of independent law firms with in-depth experience in 100+ countries. Lex Mundi member firms offer clients preferred access to more than 21,000 lawyers worldwide – a global resource of unmatched breadth and depth. Each member firm is selected on the basis of its leadership in – and continued commitment to – its local market. The Lex Mundi principle is one independent firm for each jurisdiction. Firms must maintain their level of excellence to retain membership within Lex Mundi.

Through close collaboration, information-sharing, training and inter-firm initiatives, the Lex Mundi network is an assurance of connected, on-the ground expertise in every market in which a client needs to operate. Working together, Lex Mundi members are able to seamlessly handle their clients’ most challenging cross-border transactions and disputes.

Member law firms are located throughout Europe, the Middle East, Africa, Asia and the Pacific, Latin America and the Caribbean and North America. Through Lex Mundi’s nonprofit affiliate, the Lex Mundi Pro Bono Foundation, members also provide pro bono legal assistance to social entrepreneurs around the globe.

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Kathleen Pope-Sance
Lex Mundi
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Carl Anduri
Lex Mundi
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